Investing.com - The Bank of Canada left its benchmark interest rate unchanged in January in a widely expected decision and said that the direction of the next rate move will depend on data, it announced on Wednesday.
In its fifth meeting under the helm of Governor Stephen Poloz, the BoC said it was leaving its overnight cash rate unchanged at 1%, in line with expectations.
The BoC said in an accompanying rate statement that, “The path for inflation is now expected to be lower than previously anticipated for most of the projection period.”
“The timing and direction of the next change to the policy rate will depend on how new information influences this balance of risks.”
Following the release of the data, the Canadian dollar added to losses against its U.S. counterpart, with USD/CAD rising 0.47% to trade at 1.1022, compared to 1.0972 ahead of the decision.
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Bank of Canada leaves interest rate unchanged at 1%
Published 01/22/2014, 10:06 AM
Bank of Canada leaves interest rate unchanged at 1%
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